Production and Sales in April
Riot Platforms (NASDAQ: RIOT) produced 463 Bitcoin in April 2025, down 13% from March but up 23% year-over-year. The company sold 475 BTC for net proceeds of $38.8 million at an average price of $81,731, according to its latest unaudited monthly production and operations report. Average daily bitcoin production fell to 15.4 BTC/day compared to 17.2 BTC/day in March, driven by two successive network difficulty adjustments. Deployed hash rate remained flat at 33.7 EH/s, while average operating hash rate dipped 3% to 29.3 EH/s. Fleet efficiency improved 22% year-over-year to 21.0 J/TH.
Strategic Acquisition and Exit from Hosting
In April, Riot closed the acquisition of all tangible assets of Rhodium at its Rockdale Facility, including 125 MW of power capacity, and mutually ended all outstanding litigation. CEO Jason Les noted that this transaction ends the hosting agreement with the last hosting client and marks the complete exit of Riot from the bitcoin mining hosting business. The company is now fully focused on its own mining operations, strengthening its vertically integrated model in Texas.
Power Strategy and Cost Improvements
Power credits reached $2.0 million in April, up 131% from March, driven by increased demand response and curtailment participation. Combined with a 22% year-over-year improvement in fleet efficiency (21.0 J/TH), Riot continues to lower its mining cost structure. The company sells excess power back to the grid when profitable, a key part of its strategy.
Cash Flow Strategy and Outlook
Les explained that the strategic decision to sell all monthly production of bitcoin funds ongoing growth and operations, reducing the need for equity fundraising and limiting dilution. Riot ended the month with 19,211 Bitcoin held (including 1,900 in restricted assets), more than double its April 2024 total. The company is actively recruiting and plans to participate in major industry events in May, including the Bitcoin 2025 conference in Las Vegas. With a vertically integrated model and recent consolidation, Riot positions itself as a long-term leader in U.S.-based Bitcoin mining.